<p>The CBI is probing the role of then finance minister P. Chidambaram in allowing foreign investment by a Mauritius-based company, according to its charge sheet in the Aircel-Maxis deal.<br /><br /></p>.<p>The Central Bureau of Investigation's (CBI) submission came in its recently-filed charge sheet against then communications minister Dayanidhi Maran, his brother Kalanithi Maran, and Malaysian business tycoon T.<br /><br />Ananda Krishnan and others. Dayanidhi Maran is chargd with using his influence to help Krishnan acquire Aircel by allegedly coercing its owner Sivasankaran to part with his stake.<br /><br />The investigation has revealed that Dayanidhi Maran did not raise objection to the proposal of foreign investment by the Global Communication Services Holding Ltd. in Aircel Ltd. in 2006.<br /><br />It added that Global Communication Services had sought the Foreign Investment Promotion Board's approval (FIPB) for $800 million investment, for which the Cabinet Committee on Economic Affarirs (CCEA) was competent to grant approval.<br /><br />"However, the approval was granted by the then finance minister (Chidambaram)," the CBI's charge sheet said.<br /><br />"Further investigation is being carried out into the circumstances of the said FIPB approval granted by then finance minister. The related issues are being investigated."<br /><br />It added that Sindhya Securities and Investments Pvt. Ltd., the Indian partner of Mauritius-based Maxis Communication Bhd, acquired approximately 26 percent equity of Aircel Ltd. through Deccan Digital Networks Pvt. Ltd. for a consideration of approximately $7.43 million which gives it just 0.01 percent economic interest in Aircel Ltd.<br /><br />Deccan Digital is a joint venture between Sindhya Securities and Investments and Global Communication Services Holding, the Mauritius Subsidiary of Maxis Communication Bhd. Malaysia. The CBI added that it appears that Maxis has given a lot of concessions to the promoters of Sindhya Securities and Investments in terms of investments.<br /><br />"Further investigation is being carried out if Sindhya Securities and Investments is holding 26 percent equity in Aircel Ltd. on behalf of the accused," the CBI said.<br /><br />It was alleged by Sivasankaran that Dayanidhi Maran favoured Maxis Group in the takeover of his company and in return, the company made investments through Astro Network in a company stated to be owned by the Maran family.<br /><br />Four companies - Sun Direct TV Pvt. Ltd., Britain-based Astro All Asia Networks Plc, Maxis Communications Berhad in Malaysia, and South Asia Entertainment Holdings Ltd. in Mauritius - have been also named in the charge sheet filed Aug 29.</p>
<p>The CBI is probing the role of then finance minister P. Chidambaram in allowing foreign investment by a Mauritius-based company, according to its charge sheet in the Aircel-Maxis deal.<br /><br /></p>.<p>The Central Bureau of Investigation's (CBI) submission came in its recently-filed charge sheet against then communications minister Dayanidhi Maran, his brother Kalanithi Maran, and Malaysian business tycoon T.<br /><br />Ananda Krishnan and others. Dayanidhi Maran is chargd with using his influence to help Krishnan acquire Aircel by allegedly coercing its owner Sivasankaran to part with his stake.<br /><br />The investigation has revealed that Dayanidhi Maran did not raise objection to the proposal of foreign investment by the Global Communication Services Holding Ltd. in Aircel Ltd. in 2006.<br /><br />It added that Global Communication Services had sought the Foreign Investment Promotion Board's approval (FIPB) for $800 million investment, for which the Cabinet Committee on Economic Affarirs (CCEA) was competent to grant approval.<br /><br />"However, the approval was granted by the then finance minister (Chidambaram)," the CBI's charge sheet said.<br /><br />"Further investigation is being carried out into the circumstances of the said FIPB approval granted by then finance minister. The related issues are being investigated."<br /><br />It added that Sindhya Securities and Investments Pvt. Ltd., the Indian partner of Mauritius-based Maxis Communication Bhd, acquired approximately 26 percent equity of Aircel Ltd. through Deccan Digital Networks Pvt. Ltd. for a consideration of approximately $7.43 million which gives it just 0.01 percent economic interest in Aircel Ltd.<br /><br />Deccan Digital is a joint venture between Sindhya Securities and Investments and Global Communication Services Holding, the Mauritius Subsidiary of Maxis Communication Bhd. Malaysia. The CBI added that it appears that Maxis has given a lot of concessions to the promoters of Sindhya Securities and Investments in terms of investments.<br /><br />"Further investigation is being carried out if Sindhya Securities and Investments is holding 26 percent equity in Aircel Ltd. on behalf of the accused," the CBI said.<br /><br />It was alleged by Sivasankaran that Dayanidhi Maran favoured Maxis Group in the takeover of his company and in return, the company made investments through Astro Network in a company stated to be owned by the Maran family.<br /><br />Four companies - Sun Direct TV Pvt. Ltd., Britain-based Astro All Asia Networks Plc, Maxis Communications Berhad in Malaysia, and South Asia Entertainment Holdings Ltd. in Mauritius - have been also named in the charge sheet filed Aug 29.</p>